My instructor told us that for this problem we dont consider net cash provided by operations or accounts payable...that they dont belong on income statement..and provision of income is just an expense

P4-20 Calculate income from operations and net income [LO 6, 7]

Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows:

Net cash provided by operations	$ 15,000
Cost of goods sold	65,500
Selling, general, and administrative expenses	22,500
Accounts payable	18,000
Extraordinary loss from hurricane, net of tax savings of $36,000	31,500
Research and development expenses	13,500
Net loss from discontinued operations, net of tax savings of $8,820	22,000
Provision for income taxes	8,500
Net sales	183,500
Interest expense	20,500

Required:
(a)	Calculate income from operations (operating income) for the year ended December 31, 2010. (Omit the "$" sign in your response.)

Operating income

$

(b)	Calculate net income(loss) for the year ended December 31, 2010. (Input the amount as positive value. Omit the "$" sign in your response.)

(Click to select)Net lossNet income

$